China Fines Repeat Offender $170 Million for Stock Manipulation
- $36 million penalty over mainland-Hong Kong manipulation
- Tang also ordered to pay $134 million in China trading case
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Chinese regulators seem to have run out of patience with Tang Hanbo.
The China Securities Regulatory Commission on Friday ordered Tang to pay a total of 1.17 billion yuan ($170 million) in two cases of stock market manipulation, one of which was the first to involve trading through the stock connect between the mainland and Hong Kong. Tang, 43, has been punished for illegal trading at least twice before. But it appears his previous penalties from the CSRC, which include 39 million yuan in 2014 and 15 million yuan in 2015, weren’t enough to deter his bad behavior.